In the previous technical note, it was categorically mentioned that while the markets may attempt to inch higher, they may not form anything beyond minor incremental highs and may largely continue to stay under consolidation. In line with the analysis, the Nifty did form a new lifetime high, but eventually continued to consolidate and avoided any strong move on the upside. The markets had a modest trading range; the index oscillated in a 315-point range over the past five sessions. The volatility slipped further; India Vix came off by 11.65% to 11.34. The headline index closed with a modest weekly gain of 186.80 points (+0.84%).
